Packaging Corporation of America began a stock repurchase
program to buy up to $100 million in the company’s stock over the next 12 months.
"In two years of operation, we have reduced debt
by over $1 billion and lowered our debt to total capital ratio from 84% to 54%
currently," said Paul T. Stecko, chairman and CEO. "We plan to
continue to pay down debt and anticipate that we will reduce our total debt by
an additional $50 million by the end of 2001. In addition, we believe
shareholder value will be further enhanced by the common stock repurchase
program announced today," added Stecko.
Explore the May 2001 Issue
Check out more from this issue and find your next story to read.
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